BEIJING, Nov. 13 /Xinhua-PRNewswire-FirstCall/ -- Yongye Biotechnology
International, Inc. (OTC Bulletin Board: YGYB; "Yongye" or the "Company"),
a leading developer, producer and distributor of nutrients for plants and
animals in the People's Republic of China, today announced its financial
results for the quarter ended September 30, 2008.
Third Quarter 2008 Highlights
-- Revenue was $18.2 million, an increase of 593.4% from the third quarter
-- Gross profit was $8.9 million, a 456.6% increase from the third quarter
of 2007, with a gross margin of 49.0%
-- Net income was $4.5 million, an increase of 283.5% from the third
quarter of 2007, or $0.22 per diluted share
-- Closed a private placement with gross proceeds of $9.35 million in
-- Opened a new production facility in Hohhot that increased production
capacity from 2,000 to 10,000 metric tons per year
Third Quarter 2008 Results
"Our third quarter sales exceeded our second quarter sales even though the second quarter of each year is typically our strongest quarter. Revenue increased almost six fold in the third quarter of 2008 from the third quarter of 2007, and net income more than doubled over the same period," said Mr. Zishen Wu, Chief Executive Officer of Yongye. "Rapid growth resulted from strong demand for our plant nutrient product which we created through the recent expansion of our distribution network which sells to our branded stores. We produce some of the purest and most bioactive fulvic acid based plant and animal nutrients in China, and our recent success supports our plans to increase our presence in the provinces in which we already are located."
Revenue was $18.2 million in the third quarter of 2008, an increase of
593.4% from $2.6 million in the third quarter of 2007. This significant
revenue increase was due mainly to the rapid expansion of the Company's
|SOURCE Yongye Biotechnology International, Inc.|
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